Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. If the price of burger increases,
A) Max will buy less burger and more chicken.
B) Max will buy less burger and the same quantity of chicken.
C) Max will buy less of both meats.
D) More information is needed to answer the question.
D
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The variance of an investment opportunity:
A) cannot be negative. B) has the same unit of measure as the variable from which it is derived. C) is a measure of central tendency. D) is unrelated to the standard deviation.
A business firm's profitability is based in part on the
A) prices of their nonlabor inputs. B) productivity of their workers. C) wage rates they must pay their workers. D) business taxes they must pay. E) all of the above
Briefly explain the role of different entities in reducing moral hazard associated with health care.
What will be an ideal response?
Suppose the price of crude oil used to produce gasoline rises significantly. At the same time, consumers purchase hybrid cars in great numbers. In the market for gasoline, the market clearing price ________ and the equilibrium quantity ________.
A) definitely falls, is indeterminate
B) is indeterminate, definitely falls
C) definitely falls, definitely rises
D) definitely rises, is indeterminate